A bill to raise needed revenues by taxing oil, gas, and mineral producers on the same basis as other taxpayers, thereby simplifying the Internal Revenue Code, increasing tax equity, and allowing free market forces to determine the distribution of investment capital.
Mineral Tax Reform Act - Repeals provisions of the Internal Revenue Code relating to intangible drilling deductions and percentage depletions.
States that the amount of any income, war profits, and excess profits taxes paid to any foreign county with respect to foreign mineral income which would be allowed as a foreign tax credit under the Internal Revenue Code, shall be reduced by the amount of a tax levied in lieu of a mineral royalty, or in lieu of an excise tax, severance tax, or other non-creditable tax on mineral production.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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